ETF Research Center

VanEck Vectors Steel Index Fund seeks investment results that correspond to the price and yield of the Amex Steel Index.

FUND BASICS
Category	Global Equities
Fund Sponsor	Van Eck Associates Corp
Website	www.vaneck.com
Inception date	Oct 16, 2006
Assets (mns)	$54
Currency	USD
Expense ratio	56 bp
Distributions	Annually

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian	Bank of New York Mellon
Weighting	Market Cap
Index replication	Optimized
Uses derivatives	No
Options available	Yes

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	26
Wgt avg mkt cap (mns)	$14,059
Large cap (>$10bn)	29.7%
Mid cap ($2-10bn)	41.5%
Small cap (<$2bn)	11.9%
Developed mkts	70.2%
Emerging mkts	29.8%

TOP TEN HOLDINGS
Total	64.3 %
RIO TINTO PLC-SPON ADR	10.6 %
VALE SA-SP ADR	10.5 %
TERNIUM SA-SPONSORED ADR	7.2 %
STERLITE INDUSTRIES INDI-ADR	5.8 %
ARCELORMITTAL SA ADR	5.4 %
NUCOR CORP	5.0 %
RELIANCE STEEL & ALUMINUM	5.0 %
GERDAU SA -SPON ADR	5.0 %
ALLEGHENY TECHNOLOGIES INC	5.0 %
TENARIS SA-ADR	4.8 %

TOP COUNTRY EXPOSURE
	UNITED STATES	42.7 %
	BRAZIL	19.2 %
	LUXEMBOURG	17.4 %
	BRITAIN	10.6 %
	INDIA	5.8 %
	SOUTH KOREA	4.3 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru October 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
-1.0%	-14.1%	-0.8%	-1.1%	0.7%

Market Correlations
versus...	Beta	R-squared
S&P500	1.20	34%
MSCI EAFE	1.14	26%
MSCI Emg. Mkts.	0.92	28%

Technical Indicators
Recent close	$35.13
30d moving avg.	$34.55
Annualized volatility	24.9%
Short interest (ETF)	3.5%
Short interest (Underlying)	4.9%
Relative strength (RSI)	60

Liquidity measures
Avg. volume (thou.)	10
Turnover	0.7%
Bid/Ask (% of price)	0.15%
ADV underlying (mns)	$734

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 19 potential alternatives to the VanEck Vectors Steel ETF based on the alternatives' overlap in portfolio holdings with SLX. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

SLX

Expense:

56 bp

ALTAR Score™:

13.6%

ALTERNATIVE ETFs BASED ON OVERLAP WITH SLX
Ticker	Fund Name	Overlap¹ vs SLX (%)	Expense ratio (bp)	Savings vs SLX (bp)	ALTAR Score™ (%)	ALTAR vs SLX (%)
XME	SPDR Metals & Mining ETF	37.7	35	21	2.7	-10.9
FXZ	First Trust Materials Alphadex	14.6	64	-8	8.1	-5.5
FTRI	First Trust ISE Global Natural Resources Income	10.2	70	-14	10.0	-3.6
ILF	iShares S&P Latin America 40	9.7	48	8	6.6	-7.0
PYZ	Invesco Dynamic Basic Materials Sector	9.5	60	-4	5.9	-7.7
PAVE	Global X U.S. Infrastructure Development	9.0	47	9	5.8	-7.8
VALX	Validea Market Legends	7.9	79	-23	8.1	-5.5
IFRA	iShares U.S. Infrastructure	7.6	40	16	5.9	-7.7
QVAL	ValueShares US Quantitative Value	7.5	49	7	10.8	-2.8
PICK	iShares MSCI Global Select Metals & Mining	7.2	39	17	7.6	-6.0
JHMA	John Hancock Multifactor Materials	7.1	40	16	7.5	-6.1
IYM	iShares DJ US Basic Material	6.9	42	14	8.6	-5.0
PSCM	Invesco S&P Small Cap Materials	6.5	29	27	9.8	-3.8
RFV	Invesco S&P Midcap 400 Pure Value	6.4	35	21	9.9	-3.7
VRAI	Virtus Real Asset Income ETF	5.9	55	1	8.7	-4.9
CVY	Invesco Multi-Asset Income	5.5	97	-41	9.4	-4.2
FMAT	Fidelity MSCI Materials	5.4	8	48	8.6	-5.0
VAW	Vanguard Materials	5.3	10	46	8.6	-5.0
SYLD	Cambria Shareholder Yield	5.0	59	-3	9.0	-4.6

¹Overlap is the percentage of holdings by weight that are identical. For example, if Fund A has a 2% position in Apple, Inc. (AAPL) and Fund B has a 5% position, their overlapping position in AAPL is 2%.

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RESULTS & ESTIMATES

	2014	2015	2016	2017	2018	2019E	2020E
Sales per share	**	**	**	**	**	**	**
Earnings per share	**	**	**	**	**	**	**
Dividends per share	**	**	**	**	**	**	**
Book value per share	**	**	**	**	**	**	**

Sales per share growth		**%	**%	**%	**%	**%	**%
EPS growth		**%	**%	**%	**%	**%	**%

Sales per share growth		**%	**%	**%	**%	**%	**%
EPS growth		**%	**%	**%	**%	**%	**%

OTHER FUNDAMENTAL METRICS

Long term EPS growth est.	**%		Debt-to-equity	**x
Asset turnover	**%		Assets-to-equity	**x

Return on equity

Revision activity*

*Six months ago = 100

Net margins

Compound annual growth rates

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VALUATION METRICS

	2018	2019E	2020E
Price-to-sales	**	**	**
Price-to-earnings	**	**	**
Price-to-cash flow	**	**	**
Price-to-growth	**	**	**
Price-to-book value	**	**	**
Yield	**	**	**

Historical valuation trends

Forward multiple:	VanEck Vectors Steel
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

SPECULATIVE

Deeply undervalued but risky. A rating of SPECULATIVE is assigned to ETFs with ALTAR Scores in the top quintile (the top 20%) of their category, indicating exceptional appreciation potential. However, often these are narrowly-focused funds or in industries with structural issues, which may also make them very risky. Nonetheless they may still be useful as part of a well-diversified portfolio.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	11.6	%
Divided by: Fwd. P/BV	0.8	x
Less: Expense ratio	56	bp
Equals: ALTAR Score	13.6	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.71	CATEGORY AVERAGE	1.54

The composite rating is a weighted average of analysts' consensus recommendations for individual ETF constituents, based on the following scale: BUY = 1; OVERWEIGHT = 1.5, HOLD = 2; UNDERWEIGHT = 2.5; and SELL = 3. Readers are cautioned that because analyst ratings tend to be inflated, the composite score may be more useful as a relative measure of sentiment between funds rather than as a stand-alone recommendation.